The Chennai based Indian Overseas Bank has dedicated the months of July and September as ‘Kisan Months' and has planned to provide Rs. 1, 200 crore worth of crop loans by the end of this month.
On the matter, the Chairman and Managing Director of Indian Overseas Bank (IOB), Mr. M. Narendra said that since July the bank has provided around Rs. 600 crore as crop loans to farmers and it aims to disburse off a total of Rs. 1, 200 crore as crop loans by the time the dedicated period of ‘Kisan Months' come to an end.
The bank had recorded farm lending of Rs. 19, 932 crore last fiscal. For this fiscal, it has planned to raise this number to Rs. 26, 000 crore. To achieve this, the bank will open about 40 exclusive agriculture credit branches. Out of these 40 branches, 10 branches would be situated in Karnataka and 5 branches would be situated in Maharashtra. The branches in Karnataka and Maharashtra are scheduled to be set up by the end of this month.
The agricultural credit branches will be manned by agricultural officers, who will be responsible for processing and appraising the loan requests of their branches and the nearby branches also.